注册制新股纵览：健尔康：我国医用敷料领先企业，募投加码高端敷料及原材料

Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score, which is 1.69 when excluding liquidity premium factors, placing it in the 22.7% percentile of the non-innovation system AHP model, indicating a mid-to-lower level performance [2][7]. Core Insights - Jianerkang is a leading enterprise in medical dressings in China, focusing on the research, production, and sales of disposable medical devices and disinfectant hygiene products. The company has established a complete industrial chain from raw materials to product design, production, and strict quality control [2][8]. - The company has been actively expanding into the high-end dressing market, with plans to increase raw material production capacity. The global high-end wound dressing market is expected to reach USD 7.23 billion by 2027, with a CAGR of 3.08% from 2020 to 2027 [3][11]. - Jianerkang has maintained a strong export presence, ranking fourth among Chinese medical dressing exporters for seven consecutive years, with over 70% of its revenue coming from exports [2][8]. Summary by Sections AHP Score and Expected Allocation Ratio - Jianerkang's AHP score is 1.69, placing it in the 22.7% percentile without liquidity premium considerations, and 2.08 with liquidity premium, in the 37.5% percentile [2][7]. Company Highlights and Features - Jianerkang primarily operates in the medical dressing sector, with a focus on OEM exports. The company has established long-term partnerships with global medical service providers and has received multiple awards for its performance [2][8][9]. - The company is expanding its product offerings to include high-end dressings, having started R&D in this area in 2015, which is expected to enhance profitability [3][11]. Financial Comparison with Peers - Jianerkang's revenue and net profit are lower than comparable companies, with a revenue CAGR of 14.96% from 2021 to 2023, outperforming peers despite lower gross margins [3][13]. - The company’s gross margin from 2021 to 2024 H1 is below that of comparable companies, but its R&D expenditure as a percentage of revenue is leading in its peer group [3][15]. Fundraising Projects and Development Vision - Jianerkang plans to raise funds for high-end medical dressings and non-woven fabric projects, a research center, and an information system upgrade, which are expected to enhance production capacity and operational efficiency [16][17].